Currency Exchange Calgary

Call (403) 800-3025 to get the BEST RATES for US DOLLARS or go to Knightsbridge Foreign Exchange

Today is 11/21/2018

Currency Exchange Calgary Rates

Looking for the best currency exchange rates in Calgary that provide better than bank currency exchange rates? Call Knightsbridge Foreign Exchange Calgary (www.knightsbridgefx.com) at (403) 800-3025 for a no-obligation currency exchange rate quote.

Calgary Canadian Bank Exchange Rates Comparison

It is a good idea to keep an eye on exchange rates as you never know when they may be in your favour. There are several ways to do so the most common being to call one of the big Canadian banks or your currency exchange provider for a rate. Alternatively, banks and currency exchange providers more often than not, have websites that provide a live quote. The difference between banks and other currency exchange providers is that banks often have huge markups as can be seen below.

 

Bank

Spread %

Source

 

Royal Bank of Canada (RBC)

2.6%

RBC Exchange Rates

 

TD Bank

2.6%

TD Exchange Rates

 

Scotia Bank

2.8%

Scotia Bank Exchange Rates

 

Bank of Montreal (BMO)

2.6%

BMO Exchange Rates

 

CIBC

3.3%

CIBC Exchange Rates

 

Desjardins

2.5%

Desjardins Exchange Rates

 

HSBC

2.1%

HSBC Exchange Rates

 

 

 

 

Knightsbridge FX

0.1%-0.5%

Knightsbridge FX - (403) 800-3025


You’re probably asking yourself, why do banks charge so much more than a company such as Knightsbridge FX? The reason is quite simple; banks have a lot of overhead costs such as salary and rent in divisions that aren’t even related to foreign exchange! As a result you’re paying extra money to help them fund other parts of their business. With the internet and information all around us, we can make a smarter decision and beat the big guys. To do so, just pick up your phone and call the bank for a no-obligation quote on an amount such as US$1,000. You can then call another currency exchange provider such as Knightsbridge FX for a quote on the same amount. This will give you a clear idea as to how much money you can potentially save by considering an option besides the bank. Regardless of who you choose, both options should give you a discount on larger transactions.

(It is important to remember that exchange rates fluctuate in real time and are constantly changing based on market events.)


The Best Place to Buy or Sell US Dollars Exchange in Calgary 


- Large Currency Exchanges (Above $5,000)

You'll probably agree that banks already make enough money the way things are. Why would you put even more in the pockets of big executives when you could save that to later use for something that's meaningful to us?

The good news is that when it comes to denominations over $5,00, you can. Banks have enormous markup fees, and going to currency exchange providers like Knightsbridge FX could save you 2% or more when compared to most banks' exchange rates.

This is due to the fact that this kind of company is specialized, and will daily contact banks to guarantee the lowest exchange rates possible in Canada. They have significant lower expenses and overhead costs, so they can afford to give you a more reasonable rate too. To get in touch with Knightsbridge FX, you can call 1-877-355-5239 or check out their website at KnightsbridgeFx.com. If you already have a Canadian bank account, it should take less than 15 minutes to open a US accsount, and the transfer is electronic and immediate.



- Small Currency Exchanges (Below $5,000)

It isn't always possible to exchange more than $5,000 at a time. Maybe we don't have that much cash at the moment, or we simply don't need to transfer that amount. For instance, if you going for a one week cruise or vacation in the US, you'll likely not need that much.

Unfortunately, there's not a lot you can do to get significant savings in this regard - at least when compared to transactions over $5,000 with companies like Knightsbridge FX. There are a few tips you should keep in mind when choosing your provider, though.

If you do foreign transactions very often or have business with your bank, they may be able to provide better rates, but otherwise, Canadian banks' rates tend to be very similar, so convenience and distance will often be the deciding factor.

Another factor you should consider is whether the bank has the desired currency in stock. For instance, TD foreign exchange services can be a nice option in Windsor, as they have over 50 currencies that are ready to sell.

Alternatively, you can call in to the bank you're considering and ask them in advance whether they've got the currency you desire or if they can get it.

Remember that banks charge large mark ups. The exchange rates displayed on business news or newspapers is the "spot rate". The "cash rate", which is used in places like banks, is usually around 2-3% higher, so when possible, try and save on transactions until you have $5,00 ready to exchange at a company such as Knightsbridge FX.



- Which Bank Has the Best Exchange Rates in Calgary

We can spend hours and hours arguing what banks provides the best rates - but in the end, they all charge very large markups and the difference isn't very significant. Instead, it might be better to look for a provider or a bank which is aligned with your currency exchange habits and interests.

If, however, you insist on going for the bank with the lowest rate, the answer is HSBC. This is due to the fact they are an international bank with a lot of international clients and foreign exchange needs.

Due to their nature, HSBC specializes in this service and can be among the best global and Canadian banks. Choosing HSBC can come with a very large drawback, though - its locations. If it's a hassle to get to a HSBC location, the savings may simply not be worth the trouble. Something to consider is how often you exchange currency and how much money is usually involved.

If you're looking to trade sums over $5,000 or exchange money often, it's best to go for a company such as Knightsbridge FX who can save you at least 2% on each transaction. That means that on a single transaction of $5,000, you could save $100 or more. If this doesn't seem like much, remember that it's extra money in your pocket by the end of the day, and the larger the transaction, the more you'll be saving.

However, if you don't exchange money too often or the amount is usually less than $5,000, you can basically go with any Canadian bank. If HSBC isn't convenient consider RBC, BMO or TD and pay slightly higher for the comfort. If you're in the US often, some banks offer "borderless" services with more competitive rates. TD borderless exchange is usually .7% lower than their standard rates. Keep in mind that companies such as Knightsbridge FX are still able to provide over 2% in savings, even with borderless rates.


Currency Exchange Tips for Beginners

No airports. It’s happened to all of us, we’re rushed, we think we’ve got everything packed only to arrive at the airport and remember that we forgot to do something. Last time it was a pair of shoes this time it’s currency. These things happen, but keep in mind that airport rent and the convenience factor will result in a higher markup than the bank and other locations. If possible always plan ahead and exchange your currency before arriving at the airport.

No service charges and commission. Credit cards come with hidden and sometimes shocking fees and interest levels. Currency exchange is no different; sometimes banks or currency exchange providers have hidden service charges or commission fees. If you ask nicely or negotiate, you can usually get these fees and charges waived.

- Currency Exchange Tips for First Time Users

Don't exchange currency at airports. It happens to all of us - you go in a rush, think you've got it all packed, and then when you arrive at the airport, you notice you forgot something. It could be a pair of shoes, and it could be currency. This kind of thing happens, but remember that the convenience factor and airport rent results in a much higher markup when compared to banks or other locations. Whenever possible, plan ahead and exchange the currency before you arrive at the airport.


Registration Before The Exchange

In most cases, the first step to exchanging money is registration. Whether you use a bank or another provider, registration is a necessary requirement to follow regulations and laws laid out by the FINTRAC and the Government of Canada. If you'd like to learn more, check out the FINTRAC website at: (http://www.fintrac-canafe.gc.ca/msb-esm/id/when-quand-eng.asp)

Before you register at any provider, it can be a great idea to do some background research and make sure the provider is the right one for you. Under any circumstances you should use a company that doesn't require you to validate your identity.

Just like the LCBO will ask for ID to enforce the legal drinking age, money service and foreign exchange companies are supposed to validate your identity and make sure you are the person you say you are before they do the exchange. A company that asks you to validate your identity complies with the regulations and laws of FINTRAC and Canada. Companies who don't ask you do that are in violation and shouldn't be trusted.


Do not use any company that does not require you to validate your identity.

Just like how the LCBO asks for ID to enforce legal age drinking, foreign exchange and money service companies must validate your identity to ensure you are who you say you are and that there is no fishy business. A company that requires you to validate your identity is in compliance with the law and regulations of Canada and FINTRAC. Any company that does not require you to do so should not be trusted.


Choosing a money exchange company

In most cases, you can contact your bank - or basically any Canadian bank - and ask about foreign exchange services. Banks aren't the only exchange providers available, though. You can simply flip through your local Yellow Pages or do a Google search on your area, and find some good options.

There are many internet communities such as forums on which you can find discussion and general consensus on the best provider. When exchanging amounts larger than $5,000, there are companies like KnightsbridgeFX who can guarantee reasonable, low rates with savings at 2% or more.



What About Timing?

It can be difficult to correctly time the market and do your foreign exchange at an opportunity time. On the other hand, you can still use timing to your advantage in a way that minimizes inconvenience or hassle. For instance, let's say you need to exchange Canadian dollars for US dollars two days from now.

You wait, and two days later go to exchange your money, but your car breaks down. You end up stuck in the road, and the bank is about to close. You can avoid problems like these by simply being proactive and exchanging your money in advance so that you have it at least one full day before you need it. This will help you avoid unexpected problems and allow you to monitor rates and get a better chance of doing the exchange when the rates are in your favor, instead of taking whatever the current rate is on that day.



- What Is The Worst/Best Time To Exchange Currency?

Nobody knows if the markets are going down, up or sideways. In reality, there's no worst or best time throughout the week to do the exchange. This is due to the fact that foreign exchange markets are effectively controlled by forces like supply and demand.

All you really do is monitor the exchange rates, and do the exchange when they are at or near your desired rate. Keep in mind that the rates could go in a direction not in your favor - and then you could wait for them to come back, or exchange already if you expect it to get worse over time.

In general, it isn't a very good idea to do your exchange on weekends. Since markets are closed on weekends, exchange providers will take on depreciation risk for holding across the weekend, and supply tends to be less liquid on weekends, too. As a result of that, exchange rates will likely be higher on banks and other exchange providers.


- How Can You Make Sure You're Getting A Rate Better Than Your Bank's?
In general, when it comes to small amounts (below $5,000) it isn't worth your time to go looking for the best rates, since the variation is small. Of course, saving money is always good, so if you don't mind spending more time or are looking to exchange larger amounts, a quick comparison will help you save money.

The first thing you should do is call your bank and get a quote on a specific amount, such as $1,000. After that, get in touch with an exchange provider you're considering user and ask them for a quote for the same amount. The difference between the values is the savings you're going to get, and should help you determine whether a provider is worth using.

In either case, rates should be better whenever you increase the transaction amount, so inquire further and make sure to always negotiate and look elsewhere.


- How Can You Do Physical Cash Currency Exchange At A Bank?ch Bank

Canadian banks all tend to operate similarly, and in most cases they'll have staff at their retail locations who are ready to help you with the exchange process. To exchange physical cash, just walk up to the counter and ask them how you can get started.

Some banks have a dedicated location specific to foreign exchanges, such as TD's foreign exchange center, located in downtown Windsor (you can call them at 415-215-5858). If you're able to hold off on exchanging money until you get $5,000 or more, consider Knightsbridge FX, who can save you 2% or even more. This means you'd get $100 on a $5,000 transaction, a lot better than just giving it to the bank.


Requirements For Physical Cash Currency Exchanging

Exchanging physical cash isn't hard, but it has a few requirements. You'll need to provide identification along with documents like a bank statement or draft. You'll need to present sources as well as uses of the transaction, so that the exchange provider can comply with the regulations and rule set out by the Government of Canada and FINTRAC. If you can, consider an electronic transfer, as it will likely save you money and time.


Travel

- How Can You Save On Foreign Exchange Rates When You're Traveling? 
Sometimes, when traveling, you'll simply run out of local currency. Noone can blame you for that - money can really fly by when you're in a vacation. Luckily there are probably some options in your location, whether it's the Caribbean or Florida. They include credit cards, which have a markup of around 2.5% on middle market rates, or local exchange providers who tend to have similar rates. If the markup is higher than 2.5 or 3%, consider finding another provider or negotiating. 



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